Power of Attorney

iStock_000013801425Power of AttorneyWhat is a Power of Attorney and what is a Banking Power of Attorney?

A Power of Attorney (POA) is a written authorization by one party (the “principal”) to have another party (the “agent”) act on their behalf in private or other business affairs; this is often for financial matters, in particular, and is often referred to as a “Financial” Power of Attorney. A “Durable” Power of Attorney continues through the person’s incapacity—and is often a simple, inexpensive, and reliable way to have your bills paid, bank statements reconciled, and finances managed. When there are no family members/significant others able or willing to act as your Power of Attorney—or when it may be preferable to have a third party serve in this capacity, Stagg Fiduciary Services, LLC, may be able to help. If preferred, SFS can be named as your POA at any time, but assist later on as the need arises. Or, it may be that our services are needed right away. Each client’s services are designed to meet their specific and unique needs.

A “Banking” Power of Attorney is a very specific type of POA, designed to permit access to manage bank accounts and/or investments in a particular bank. Typically, each bank has their own Banking POA forms which would need to be completed and signed by the principal—before any other person or entity would be granted access to manage accounts.